Tuesday, March 24, 2009

Economists predict interest rate cut

By Mikhaila Crowie
24 March 2009

Economists are predicting a 100 basis point reduction in interest rates.

The South African Reserve Bank’s Monetary Policy Committee will meet earlier than scheduled and will meet every month except July amid fears of a recession.

The committee wraps-up a two day meeting today and economists predict an interest rate cut.

The central bank’s decision to hold a meeting four weeks ahead of schedule has fuelled speculation that rates will be cut to revive the economy.

Lower mining output and tight household budgets have put South Africa on course for its first recession in 17 years.

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